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Marketing Test 2 Chapter 7 – Flashcards

Kaitlynn Baldwin

7 July 2022

question

5 steps in marketing research approach

answer

1. Define the problem - set research objectives, identify possible marketing actions 2. Develop the research plan - specify constraints, identify data needed for marketing actions, determine how to collect data 3. Collect relevant information - obtain secondary data, obtain primary data 4. Develop findings - analyze the data, present the findings 5. Take marketing actions - make action recommendations, implement action recommendations, evaluate results

question

Decision

answer

A conscious choice among two or more alternatives

question

Decision making

answer

Act of consciously choosing among alternatives

question

Research outcomes based on the __________ lead to different marketing _________.

answer

measures of success, actions

question

Research objectives are _______, ___________ goals the _________, seeks to achieve in conducting the marketing research.

answer

specific, measurable, decision maker

question

Limitations on the time and money available to solve the problem are examples of _________.

answer

Constraints

question

Two key elements in deciding how to collect marketing data:

answer

1. Concepts - ideas about products or services a. New-product concept - picture/verbal description of a product or service the firm might offer for sale 2. Methods - approaches to collect data

question

Special methods vital to marketing are (1) _________ and (2) _________.

answer

(1) sampling - selecting a group, asking them questions, and treating their answers as typical answers (2) statistical inference - generalizing sample results to much larger groups

question

Data are divided into two main parts:

answer

Secondary data Primary data

question

Secondary data are divided into two parts:

answer

Internal External

question

Internal sources of secondary data are divided into two main parts:

answer

(1) marketing inputs - sales, ad budgets, call reports, financial statements (2) marketing outcomes - results of marketing efforts (actual sales and customer communications)

question

External secondary data

answer

Published data from outside the organization

question

U.S. census reports, trade association studies, business periodicals, and internet based reports are examples of what type of data?

answer

External secondary data

question

Two important advantages of secondary data:

answer

(1) time saving (data already collected or published internally) (2) low cost

question

Disadvantages of secondary data:

answer

(1) Dated information (2) Definitions/categories that do not meet needs of researcher (3) Info not specific enough

question

What are the two principal ways to collect new or primary data for a marketing study?

answer

1. Observing people 2. Asking people questions

question

Observational data can be collected by __________, ___________, or ____________ methods.

answer

Mechanical, personal, neuromarketing

question

The principle data collection task of asking people questions can be divided into (1) idea _______ methods and (2) idea _______ methods.

answer

generation, evaluation

question

Idea generation methods involve...

answer

Coming up with ideas

question

Interview

answer

Single researcher asking questions of one respondent

question

Depth interview

answer

Researchers ask long, free-flowing kinds of questions to probe for underlying ideas and feelings.

question

Focus group

answer

Informal sessions of 6-10 past, present, or prospective customers in which a discussion leader asks questions.

question

Idea evaluation methods involve...

answer

Testing an idea

question

Dichotomous question

answer

Yes or no response

question

Scale

answer

Three or more choices

question

Semantic differential scale

answer

5-point scale

question

Likert scale

answer

respondent indicates extent to which he/she agrees/disagrees

question

Advantages of primary data

answer

1. More flexible 2. More specific to the problem being studies

question

Disadvantages of primary data

answer

1. Costly 2. Time-consuming

question

Step 5 in the marketing research approach is "Take Marketing Actions." What three things does this step consist of?

answer

1. Making action recommendations 2. Implementing the action recommendations 3. Evaluating the results

question

Evaluating the results in step 5 of the marketing research approach involves what two aspects?

answer

1. Evaluating the decision itself 2. Evaluating the decision process used

question

What are the three main sales forecasting techniques?

answer

1. Judgments of the decision maker 2. Surveys of knowledgeable groups 3. Statistical methods

question

What is a direct forecast?

answer

Estimating the value to be forecast without other steps (i.e. "how much money should I get out of the ATM?").

question

Lost-horse forecast

answer

Involves starting with last known value of the item being forecast, listing the factors that could positively/negatively affect the forecast, and making the final forecast.

question

Survey of buyers' intentions forecast

answer

Ask prospective customers if they are going to buy a product.

question

Salesforce survey forecast

answer

Ask salespeople to estimate sales

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question

5 steps in marketing research approach

answer

question

Decision

answer

A conscious choice among two or more alternatives

question

Decision making

answer

Act of consciously choosing among alternatives

question

Research outcomes based on the __________ lead to different marketing _________.

answer

measures of success, actions

question

Research objectives are _______, ___________ goals the _________, seeks to achieve in conducting the marketing research.

answer

specific, measurable, decision maker

question

Limitations on the time and money available to solve the problem are examples of _________.

answer

Constraints

question

Two key elements in deciding how to collect marketing data:

answer

1. Concepts - ideas about products or services a. New-product concept - picture/verbal description of a product or service the firm might offer for sale 2. Methods - approaches to collect data

question

Special methods vital to marketing are (1) _________ and (2) _________.

answer

(1) sampling - selecting a group, asking them questions, and treating their answers as typical answers (2) statistical inference - generalizing sample results to much larger groups

question

Data are divided into two main parts:

answer

Secondary data Primary data

question

Secondary data are divided into two parts:

answer

Internal External

question

Internal sources of secondary data are divided into two main parts:

answer

(1) marketing inputs - sales, ad budgets, call reports, financial statements (2) marketing outcomes - results of marketing efforts (actual sales and customer communications)

question

External secondary data

answer

Published data from outside the organization

question

U.S. census reports, trade association studies, business periodicals, and internet based reports are examples of what type of data?

answer

External secondary data

question

Two important advantages of secondary data:

answer

(1) time saving (data already collected or published internally) (2) low cost

question

Disadvantages of secondary data:

answer

(1) Dated information (2) Definitions/categories that do not meet needs of researcher (3) Info not specific enough

question

What are the two principal ways to collect new or primary data for a marketing study?

answer

1. Observing people 2. Asking people questions

question

Observational data can be collected by __________, ___________, or ____________ methods.

answer

Mechanical, personal, neuromarketing

question

The principle data collection task of asking people questions can be divided into (1) idea _______ methods and (2) idea _______ methods.

answer

generation, evaluation

question

Idea generation methods involve...

answer

Coming up with ideas

question

Interview

answer

Single researcher asking questions of one respondent

question

Depth interview

answer

Researchers ask long, free-flowing kinds of questions to probe for underlying ideas and feelings.

question

Focus group

answer

Informal sessions of 6-10 past, present, or prospective customers in which a discussion leader asks questions.

question

Idea evaluation methods involve...

answer

Testing an idea

question

Dichotomous question

answer

Yes or no response

question

Scale

answer

Three or more choices

question

Semantic differential scale

answer

5-point scale

question

Likert scale

answer

respondent indicates extent to which he/she agrees/disagrees

question

Advantages of primary data

answer

1. More flexible 2. More specific to the problem being studies

question

Disadvantages of primary data

answer

1. Costly 2. Time-consuming

question

Step 5 in the marketing research approach is "Take Marketing Actions." What three things does this step consist of?

answer

1. Making action recommendations 2. Implementing the action recommendations 3. Evaluating the results

question

Evaluating the results in step 5 of the marketing research approach involves what two aspects?

answer

1. Evaluating the decision itself 2. Evaluating the decision process used

question

What are the three main sales forecasting techniques?

answer

1. Judgments of the decision maker 2. Surveys of knowledgeable groups 3. Statistical methods

question

What is a direct forecast?

answer

Estimating the value to be forecast without other steps (i.e. "how much money should I get out of the ATM?").

question

Lost-horse forecast

answer

Involves starting with last known value of the item being forecast, listing the factors that could positively/negatively affect the forecast, and making the final forecast.

question

Survey of buyers' intentions forecast

answer

Ask prospective customers if they are going to buy a product.

question

Salesforce survey forecast

answer

Ask salespeople to estimate sales

Marketing Test 2 Chapter 7 – Flashcards

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